As recently as February, the NSW government was scrambling to broker a grants package to ensure Splendour in the Grass went ahead this year.As recently as February, the NSW government was scrambling to broker a grants package to ensure Splendour in the Grass went ahead this year.
Live Nation Australia owns or holds long-term leases for a growing number of venues, including Melbourne’s Palais Theatre and Festival Hall and Brisbane’s Fortitude Music Hall. And, like its US parent company, the Australian subsidiary holds exclusive ticketing rights through Ticketmaster. In 2019 it consolidated its ticketing dominance by acquiring Moshtix for an undisclosed sum.– bought a A$770m stake in Live Nation Entertainment, making it the third-largest shareholder.
An analysis of documents lodged with the Australian Securities and Investments Commission shows that Secret Sounds reported net assets of $13.2m in 2017 and $8.9m in 2018, but the company was losing money before the pandemic hit. In the first round of emergency funding in late 2020, Secret Sounds secured $1.59m for an unspecified festival, while Live Nation received $120,000 for a podcast festival.
The South Australian government has also supported events run by Secret Sounds, providing an unspecified amount for its annual Harvest Rock festival for three years. An SA Tourism Commission spokesperson said Harvest injected $18m into the state’s economy last year, but details of the sponsorship were subject to contractual confidentiality.The same year the company once more recorded an operating loss. According to its latest accounts, in 2022 it reported a $1.1m operating loss.
The Guardian understands that due to Secret Sounds’ financial state, Live Nation acquired the shares without any payment to the shareholders.that Splendour would not go ahead this year, Ducrou and Piticco said they were “heartbroken”, and the decision to cancel was “due to unexpected events”.Late last year he began negotiating with Destination NSW for another rescue package for Splendour 2024.